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 Priority Banking, Everything about Priority Banking

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charlesj
post Sep 30 2018, 03:33 PM

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I am planning for a flexi house loan, thinking of dumping in money (into CA) to offset loan interest while getting priority banking status.
Loan amount 400k+.
Any good recommendation?
Thank you.
charlesj
post Sep 30 2018, 10:52 PM

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QUOTE(prince_mk98 @ Sep 30 2018, 10:31 PM)
Dumping money into flexi acc can PB status?
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I think it is possible, but depending on your loan type
For those flexi loan, where we are free to top up / withdraw from your CA anytime
Your money parked at CA should entitle you priority banking status
Kill two birds with one stone


charlesj
post Oct 10 2018, 11:54 PM

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QUOTE(prince_mk98 @ Oct 1 2018, 08:04 AM)
Call HSBC. They said cannot. Sigh...

Mine also flexi loan acc.
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QUOTE(icemanfx @ Oct 1 2018, 10:58 AM)
If one's aum qualified for priority banking, need of flexi loan/ca is unnecessary.

Pb is a segregation for bank to milk high net worth customers, unlikely to permit free rider.
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Basically you are right, PB account is different from normal account.
For normal house loan, it is unable to switch into PB account, unless your loan value is >1M.
However, I had learnt something in the process while talking to SC regarding loan / PB.

1. First, open a PB account with 250k
2. Then only you apply for house loan, can get much better rate
3. You may combine two 500k house loan to gain PB status (1M)
4. AUM is calculated by end of month, some people are switching the fund between PB acc and loan acc (to offset interest)




charlesj
post Oct 11 2018, 02:30 PM

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QUOTE(boyslikeboys @ Oct 11 2018, 09:44 AM)
Sc = standard chartered?

I don’t get it since you have a pb account with minimum 250k why is there a need to keep switching fund to maintain aum?
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Yes, standard chartered
As for my scenario, I need to do it concurrently (apply for PB + loan already approved)
For sure the loan is not under PB.
I can still apply for a PB account and play around with the figure.

Even you are existing PB customer, applying for loan less than 1M, I am not sure whether it will fall under PB category.
If not, the same scenario may happens.
Sorry, I just started to explore on PB, these are just what I learnt from the past few weeks.
Just some sharing and hopefully some Sifu around will enlighten me smile.gif


 

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